L Catterton, the U.S.-based equity investment group partly owned by LVMH and the family holding company of its CEO, Bernard Arnault, has been conducting preliminary discussions with banks about a possible initial public offering, according to Reuters. The investment group’s assets of more than $28 billion include a recently acquired controlling stake in Birkenstock and older majority stakes in active lifestyle consumer brands such as 2XU, West Marine, Pinarello and Seafolly. L Catterton also holds minority stakes in many fitness-related companies such as Bodytech, Equinox, Hydrow, iFIT Health & Fitness, Rhone, Sweaty Betty, Tonal, X2 Performance and Xponential Fitness. L Catterton was formed in 2016 as a partnership combining the private equity investments made by Catterton since 1989 in the Americas with investments made by LVMH and Groupe Arnault in Europe and Asia. The group says that both organizations have been actively collaborating in areas such as consumer insights, brand strategies, retail expansion and economies of scale across their collective portfolio. Catterton invested $75 million in Peloton Interactive in 2015 and cashed out, apparently with a big capital gain, when the company went public four years later.

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